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\caption*{Table 1B: Summary Statistics and Balance-India}
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\begin{tabular}{@{\extracolsep{5pt}}lcccccccc}
\\[-1.8ex]\hline \hline \\[-1.8ex]
 & \multicolumn{2}{c}{(1)}  & \multicolumn{2}{c}{(2)}  & \multicolumn{2}{c}{(3)}  & \multicolumn{2}{c}{(2)-(3)} \\
 & \multicolumn{2}{c}{Total Sample}  & \multicolumn{2}{c}{Control}  & \multicolumn{2}{c}{Treatment}  & \multicolumn{2}{c}{Pairwise t-test}  \\
Variable & N & Mean/(SD) & N & Mean/(SD) & N & Mean/(SD) & N & P-value \\ \hline \\[1ex]
\textbf{\emph{A. Client Characteristics}} & & & & & & & & \\
Age   & 2407    & 38.371    & 1204    & 38.605    & 1203    & 38.138    & 2407    & 0.171   \\
 &   & (8.356)  &   & (8.381)  &   & (8.328)  &   &  \\ [1ex]
Female   & 2407    & 0.795    & 1204    & 0.802    & 1203    & 0.788    & 2407    & 0.385   \\
 &   & (0.404)  &   & (0.398)  &   & (0.409)  &   &  \\ [1ex]
  \textbf{Education} & & & & & & & & \\ [1ex]
High School or Above   & 2407    & 0.354    & 1204    & 0.354    & 1203    & 0.353    & 2407    & 0.978   \\
 &   & (0.478)  &   & (0.478)  &   & (0.478)  &   &  \\ [1ex]
   \textbf{Business Type} & & & & & & & & \\
Business is Primary Source of Income   & 2407    & 0.492    & 1204    & 0.478    & 1203    & 0.506    & 2407    & 0.160   \\
 &   & (0.500)  &   & (0.500)  &   & (0.500)  &   &  \\ [1ex]
Retail: Food   & 2402    & 0.271    & 1201    & 0.266    & 1201    & 0.275    & 2402    & 0.646   \\
 &   & (0.444)  &   & (0.442)  &   & (0.447)  &   &  \\ [1ex]
  \hline \\
 \textbf{\emph{B. Business Practices}} & & & & & & & & \\ [1ex]
Do Separate Business \& Household Cash   & 2407    & 0.351    & 1204    & 0.363    & 1203    & 0.340    & 2407    & 0.238   \\
 &   & (0.478)  &   & (0.481)  &   & (0.474)  &   &  \\ [1ex]
Do Pay Salary to Self   & 2407    & 0.045    & 1204    & 0.042    & 1203    & 0.048    & 2407    & 0.429   \\
 &   & (0.207)  &   & (0.200)  &   & (0.214)  &   &  \\ [1ex]
Do Calculate Profits   & 2407    & 0.818    & 1204    & 0.830    & 1203    & 0.805    & 2407    & 0.124   \\
 &   & (0.386)  &   & (0.376)  &   & (0.396)  &   &  \\ [1ex]
Give customers credit for at most 7 days   & 1325    & 0.278    & 660    & 0.253    & 665    & 0.304    & 1325    & 0.039**   \\
 &   & (0.448)  &   & (0.435)  &   & (0.460)  &   &  \\ [1ex]
Do nothing when customers do not pay credit   & 1324    & 0.073    & 659    & 0.070    & 665    & 0.077    & 1324    & 0.631   \\
 &   & (0.261)  &   & (0.255)  &   & (0.266)  &   &  \\ [1ex]
Keep Business Records   & 2407    & 0.396    & 1204    & 0.393    & 1203    & 0.398    & 2407    & 0.790   \\
 &   & (0.489)  &   & (0.489)  &   & (0.490)  &   &  \\ [1ex]
Keep Customer Credit Records   & 1327    & 0.417    & 662    & 0.421    & 665    & 0.412    & 1327    & 0.728   \\
 &   & (0.493)  &   & (0.494)  &   & (0.493)  &   &  \\ [1ex]
Record Important Customer Credit Information   & 1327    & 0.101    & 662    & 0.110    & 665    & 0.092    & 1327    & 0.263   \\
 &   & (0.301)  &   & (0.313)  &   & (0.289)  &   &  \\ [1ex]
Determine stock based on a good strategy   & 2407    & 0.160    & 1204    & 0.165    & 1203    & 0.155    & 2407    & 0.475   \\
 &   & (0.367)  &   & (0.372)  &   & (0.362)  &   &  \\ [1ex]
Never Visit competitors to check prices/quality   & 2407    & 0.568    & 1204    & 0.566    & 1203    & 0.569    & 2407    & 0.916   \\
 &   & (0.496)  &   & (0.496)  &   & (0.495)  &   &  \\ [1ex]
Never Talk to customers to understand needs   & 2407    & 0.639    & 1204    & 0.639    & 1203    & 0.639    & 2407    & 0.978   \\
 &   & (0.480)  &   & (0.481)  &   & (0.480)  &   &  \\ [1ex]
Never do supplier quality comparison   & 2407    & 0.360    & 1204    & 0.369    & 1203    & 0.352    & 2407    & 0.381   \\
 &   & (0.480)  &   & (0.483)  &   & (0.478)  &   &  \\ [1ex]
Never Negotiated terms with suppliers   & 2407    & 0.262    & 1204    & 0.262    & 1203    & 0.262    & 2407    & 0.990   \\
 &   & (0.440)  &   & (0.440)  &   & (0.440)  &   &  \\ [1ex]
Took full advantage of cash discount   & 739    & 0.388    & 364    & 0.382    & 375    & 0.395    & 739    & 0.722   \\
 &   & (0.488)  &   & (0.487)  &   & (0.489)  &   &  \\ [1ex]
  \hline \\
 \textbf{\emph{C. Business Performance}} & & & & & & & & \\ [1ex]
 
Sales-Regular Week (Winsorized at 1\%)   & 2399    & 14114.973    & 1199    & 13702.085    & 1200    & 14527.517    & 2399    & 0.174   \\
 &   & (14870.715)  &   & (14358.239)  &   & (15360.613)  &   &  \\ [1ex]
Profits-Regular Week (Winsorized at 1\%)   & 2389    & 5232.516    & 1194    & 5128.308    & 1195    & 5336.636    & 2389    & 0.290   \\
 &   & (4809.680)  &   & (4710.809)  &   & (4906.242)  &   &  \\ [1ex]
\hline \hline \\[-1.8ex]
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\multicolumn{9}{@{} p{22cm}}{\emph{Source:} Primary data collected by research team} \\
\multicolumn{9}{@{} p{22cm}}{Notes: This table presents summary statistics based on baseline survey data. Standard deviations (column 2, 3, 4) of variables and p-values (column 5) appear in parentheses. * Denotes significance at 10\%-level, ** at the 5\%-level, and *** at the 1\%-level}

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